BOM:530005

UltraTech Cement, India Cement Acquire Stakes in Wind Power Supplier

UltraTech Cement (NSE:ULTRACEMCO, BOM:532538) and subsidiary India Cements (NSE:INDIACEM, BOM:530005) will acquire a combined 26.5% stake in renewable energy company FPEL Services to support their green energy requirements.UltraTech will purchase a 13.99% stake in FPEL for 120.9 million, while India Cements will pick up a 12.48% stake for 107.8 million rupees, according to a Wednesday filing to the Indian stock exchanges.FPEL, a special-purpose vehicle, will supply 15.70 MW AC wind power to UltraTech's plants and 14 MW AC to India Cements' factories in Tamil Nadu, India.The transactions are expected to be completed in 180 days.

IIFL Upgrades The India Cements to Reduce from Sell; Price Target is INR420